A Minority Owner's chronicled journey through 3 Collective Sale attempts; the last one being successful. TC was a 560 ex-HUDC estate with a thriving community spirit (up until the enblocs that is). I have moved on to a new, 37 unit Freehold estate. Life is quiet now with zero community feeling.
Sales stop in their tracks once you start en bloc. 2004: 12 sales 2005: 17 sales 2006: 4 sales (enbloc 1) 2007: 0 sales (enbloc 1) 2008 11 sales (Aug - Dec) 2009: 81 sales 2010: 64 sales 2011: 4 to date
There could still be a million dollar sale yet, but doubtful since people will hang on to 'see what happens'. Also, only speculators would buy into the estate now, genuine home hunters would look for a more stable environment. So, a collective sale is bad for resale prices, as we no longer will follow the market.
Hi, your prediction of 1m in march 2011 is out the window... prices drop to below 900K.
ReplyDeleteSales stop in their tracks once you start en bloc.
ReplyDelete2004: 12 sales
2005: 17 sales
2006: 4 sales (enbloc 1)
2007: 0 sales (enbloc 1)
2008 11 sales (Aug - Dec)
2009: 81 sales
2010: 64 sales
2011: 4 to date
There could still be a million dollar sale yet, but doubtful since people will hang on to 'see what happens'. Also, only speculators would buy into the estate now, genuine home hunters would look for a more stable environment.
So, a collective sale is bad for resale prices, as we no longer will follow the market.